Shares of Canadian e-commerce company Shopify dropped after reporting a surprise loss on earnings.
The stock slipped more than 6% on Tuesday after Shopify posted an earnings loss of 25 cents in the third quarter, missing analysts’ estimates of 11 cents gain, according to FactSet.
However, CNBC’s Jim Cramer said investors will regret selling Shopify as the company ramps up spending to grow.
“They have a loss but they are spending money in order to grow,” Cramer said on “Squawk on the Street” on Tuesday. “I defy Shopify, defy the sellers of Shopify. You will regret that you sold it. You don’t know what you are doing. I like the stock.”
Shopify said in June it planned to spend over $1 billion…